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    Economics

    Top landlocked countries for FDI: Kazakhstan, Uzbekistan and Mongolia

    Top landlocked countries for FDI: Kazakhstan, Uzbekistan and Mongolia

    Recently released World Investment Report 2023 by UNCTAD on July 5 shows that Kazakhstan emerged as the top recipient of foreign direct investment (FDI) among global landlocked developing countries (LLDCs) last year, attracting a substantial $6.1bn. The report revealed that a majority of the investment flows were concentrated in a small number of the 32 LLDC economies, with the top five recipients, including Kazakhstan, Ethiopia, Uzbekistan, Mongolia, and Uganda, accounting for 83% of the total FDI received by the group.

    Photo: FDI inflows in LDCs, LLDCs, and SIDS, 2021-2022 (Billions of dollars)
    LDC - least developed countries, LLDC -  landlocked developing countries, SIDS - small island developing states
    Source: UNCTAD 

    The LLDCs in Africa, Asia, and Europe witnessed an increase in investment inflows, while those in Latin America and the Caribbean experienced a decline. Notably, Kazakhstan observed an impressive 83% surge in FDI, reaching $6.1 billion, driven by significant profits in extractive industries, despite a decrease in equity flows. Uzbekistan also recorded a record high of $2.5bn in FDI, primarily attributed to a doubling of reinvested earnings to $1.2 bn. Conversely, FDI flows to Azerbaijan turned negative, falling to -$4.5bn, due to dividend payments in the extractive industries sector.

    Among other LLDCs, Ethiopia maintained its position as the second-largest recipient despite a decrease in inflows, while Uganda saw a significant rise of 39% in FDI, totaling $1.5bn, fueled by major projects in the extractive industries sector. In Latin America, Bolivia experienced negative flows once again, falling to -$26bn, largely due to exceptional dividend payments in the hydrocarbon sector. On the other hand, Paraguay witnessed a significant increase, with FDI flows surpassing $474mn, driven by investment growth in various economic sectors.

    The report highlighted that FDI to LLDCs primarily originated from a few key investor countries. China emerged as the largest investor, contributing a substantial $20bn in 2021, including $7.5bn in Kazakhstan alone. Thailand, Canada, and the Netherlands followed as the next significant investors in LLDCs.

    Furthermore, the report noted a significant increase in the number of greenfield project announcements by LLDCs as a group, reaching $3bn. This growth was particularly notable in the extractive industries sector. However, the number of international project finance deals declined by 19% compared to 2021, with the value plummeting by 72% to $19bn. While most projects focused on renewables, there were also announcements in the power, mining, and industrial real estate sectors.

    06.07.2023, 16:41   Comments (0)   620
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